UAE Quits OPEC as War Upends Oil Markets and Gulf Tensions Rise
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Good morning. The UAE is quitting OPEC. A Chinese tech billionaire walls off his US business. And Formula 1 grapples with wartime scheduling. Listen to the day’s top stories.
The UAE will leave the Organization of the Petroleum Exporting Countries on May 1 after six decades, the culmination of years of tension with group leader Saudi Arabia over oil output policy and competition for regional political influence. The disruption caused by the Iran war created an opportune moment for the move, Energy Minister Suhail Al Mazrouei said. The departure is quantitatively more significant than previous withdrawals and poses the biggest existential crisis OPEC has faced since its establishment more than half a century ago, Javier Blas writes.